| The encryption currency based on block-chain technology has attracted the attention of the academic circle,especially the economist,since its birth,which has a central operating mode and faster and more extensive liquidity,and a stable and controllable rate of inflation.Once used as the direction of evolution of the future global currency.However,such emerging currency types are also faced with such problems as high energy consumption,unstable currency,limited transaction flow,risk of double-flower attacks,and lack of legal regulation.In that meantime,the block chain technology is also in the constant change.Digital currency,block chain,encryption technology.These nouns with high-tech concepts have subverted the original financial order and attracted people's eyes and investments.The central character of the Internet itself provides the soil for the development of the Bitcoin distributed general ledger system.But how the so-called currency revolution follows,how to regulate,is the problem of all countries.Non-regulation,financial fraud,various P2 P,crowdfunding schemes,online social communication and advisory promotion activities make it difficult for investors to be damaged by real and false.More lawbreakers use the digital currency to central and anonymous,such as extortion,money-laundering,tax evasion,illegal trade,and the like,and disrupt the whole country's financial order.The digital currency is facing a technical risk,a risk of payment and a risk of investment.The funds of the investor in the trading platform,such as the fresh meat on the chopping block,can be damaged by the trade-platform operator and the employee's own morality,and may also be attacked by the hacker and the loss is harmed by the transfer.More people use the block chain to make all kinds of tokens,that is,the ICO is facing the public sell-off,which is so easy to reach several times of the income,with high-tech banner,become the barbarous game of the barbaric growth,which seriously affects the health and orderly operation of the financial market.For the above reasons,the influence of Bitcoin on the traditional economy and international trade in various regions of the world is very different.The current Bitcoin transaction is prohibited in China.On September 4,2017,seven ministries and other ministries,such as the People's Bank of China,issued the Announcement on Prevention of the Risk of the Issue of the Token,and the domestic digital currency exchange was ordered to shut down.This is partly because of the risk of bitcoin and its devastating impact on the inherent financial order,but this does notIV prevent continued research on bitcoin and its technology,so-called "If you know each other,you can't do it.".This paper focuses on the influencing factors of the currency value of the encrypted currency represented by bitcoin and the internal relationship between the mining behavior and the currency value,and tries to find out the evidence of the influence of the bitcoin miners' behavior on the currency price fluctuation.According to the operation mechanism of encrypted currency represented by bitcoin,this paper first speculates some influential factors related to the fluctuation of currency price.Then through the classical economic analysis methods in the category of supply and demand of Bitcoin market,the paper analyzes the liquidity preference theory of the encrypted currency represented by Bitcoin,and constructs the mathematical model of Bitcoin price.At the same time,in the field of Bitcoin mining,using the traditional microeconomic theory,under the assumption of complete competition equilibrium in the field of Bitcoin mining,the mathematical model of miner is constructed.In the empirical part,the OLS least square method is used to analyze the currency model and the miner model respectively,and then the impulse response of the time series VAR model is used to analyze the intrinsic interaction between the behavior of the miner and the price of the currency.The empirical results show that the estimation coefficients of the Bitcoin currency model and the miners' behavior model are significant,and the currency price is affected by the short-term speculative capital,and the model is basically valid.The results of VAR pulse response show that the price and computing power of bitcoin are divergent,and there is inherent instability in bitcoin system.The results of empirical research are consistent with the rise and fall of bitcoin price in recent years,which is also caused by the design defects of Bitcoin.Finally,this paper draws a conclusion: on the one hand,bitcoin price is easily influenced by external market factors such as short-term capital influx,on the other hand,bitcoin price is also influenced by internal factors such as bitcoin calculation power.The price of Bitcoin deviates from the stationary state,but also causes Bitcoin to lose its storage value,so,as some scholars have argued,Bitcoin can not exist as a real currency,it is only a risky investment product.Based on the above analysis and demonstration,this paper proposes to introduce a negative feedback mechanism for the bitcoin system under the category of community autonomy,aiming at the inherent problems of the encrypted currency system taking Bitcoin as an example.Reduce the sharp fluctuation of the currency caused by the behavior of the miners;In view of thefluctuations caused by external market factors,this paper proposes a joint governance strategy with major economies as the main body,so as to reduce the negative impact on the economy caused by bitcoin trading.The goal is to put the beast of Bitcoin in jail,maximizing its planned use of encrypted currency while avoiding uncertainty about economic performance. |
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